Senior Care and Healthcare Opportunities in the United States of America

Let’s compare this with some figures from the recent past. In the 1960s, only one million Americans were aged over 85+, representing a little over 5% of the population back then. Fast-forward to 2020 and we had seven million seniors aged 85 and older, representing 15% of the population. By 2040, the number of seniors aged 85+ will rise to 15 million, representing around 23% of the total American population. With this in mind, one thing is certain: the older population will require personalized care services, which are often provided by home health care franchises.

Although the home care franchise industry is fragmented in terms of being split between independents and franchises, in 2020, the estimated US senior care franchise industry revenue was valued at around $97 billion, growing at 10% annually. Meanwhile, senior care franchise opportunities are worth around $11 billion in an industry that is worth $400 billion. In addition, in-home care franchises amount to around 11,500 businesses in operation, employing approximately 400,000 people in the US.

With these impressive numbers to back up home care services franchise offers, it’s no wonder that the industry is perceived as so lucrative. Research further shows that an ever growing number of seniors prefer to age in the comfort of their own homes, and that provides ample opportunities for senior care and assisted living as offered by care franchise opportunities. That’s because as we age, tasks we would normally take for granted require extra effort and having a helping hand around the house can make the world of difference to a senior member of our community. 

And if you thought that senior home care necessarily provides medical services only, you’re in for a surprise. That’s because many home care franchise opportunities help seniors with non-medical services, including running errands, helping with personal hygiene, meal preparation, feeding, general housekeeping, laundry, companionship, etc. Although some franchise owners do offer medical services such as dressing wounds, ensuring medication is taken on time, or assisting with physical therapy at home, most of the home care franchise opportunities are about lending a helping hand where it is needed the most. 

Senior Care and Healthcare Industry Trends in 2023

With all the above in mind when it comes to a home health care franchise, it’s important to consider industry trends as and when they develop to ensure that your care franchise business is as competitive as possible. Some of these trends include:

• There is a strong desire on the part of seniors to age in the comfort of their own homes. In fact, there’s a projected 26% increase for in-home care aides by as soon as 2024.
• Live-in and nursing home facilities are increasingly being sidelined in favor of living at home. 
• The impact of technology on in-home care franchises cannot be understated. Many of the top home care franchises use technology to monitor aspects such as heart rate, sleep patterns, etc. to prevent a crisis. 
• When it comes to senior care franchise opportunities, some of the most frequently needed services include personal care, housekeeping, meal preparation and feeding, companionship, therapy, laundry, nursing intervention, etc. 

Why you should consider a home care franchise opportunity

The business model of home care franchises for sale is, in many cases, proven and profitable. But apart from this, many home care franchise opportunities come with ample benefits as opposed to starting your own business from scratch. Examples of some of the benefits of investing in senior care franchise opportunities include the following:

• You can enjoy lower total investment costs, particularly the upfront ones.
• With a senior care franchise, you are not expected or required to have previous industry experience. With a home care franchise, you can benefit from a proven business model and system, corporate support, a supplier network, etc.
• With a home health care franchise, you will have certain levels of control over your business.
• When it comes to training and support, no one quite does it like an in-home care franchise. That’s because in many cases, you will have access to a business coach or mentor, in-person training, benefit from the wealth of experience and knowledge from the wider franchise network, onboarding resources, and so much more.
• Brand recognition is a major benefit of running a home care franchise business because the franchisor has already worked hard to become a well-known industry name that you can take advantage of.  
• Furthermore, you can benefit from economies of scale, meaning that your franchisor can negotiate better deals from suppliers on your behalf, meaning reduced operational costs. 
• With a home care franchise, your risk is significantly lessened. It’s ideal for aspiring entrepreneurs who are risk averse. 
• Finally, the amount of good you will be doing for members of your community is priceless. The work itself will be highly personally rewarding and something that few business opportunities offer. 

How much does it cost to open a healthcare franchise business?

Although there are many factors that will influence the cost of a home care franchise business, on average, you are looking at a minimal franchise fee that ranges from $30,000 to $50,000 and an initial investment that can go from as little as $40,000 and as high as $125,000 and more.